Liu v. SEC: An Overview of the Recent Decision (Webinar)

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In Liu v. SEC, the Supreme Court upheld the SEC’s ability to obtain disgorgement in enforcement actions in federal district court, but it placed new and important limits on that remedy. Join Nicole Saharsky and Minh Nguyen-Dang from Mayer Brown for a discussion of the Supreme Court’s decision and what it means going forward. Nicole is co-head of Mayer Brown’s Supreme Court and Appellate Group. In her last job at the Office of the Solicitor General, she argued securities cases in the Supreme Court on behalf of the SEC, including Erica P. John Fund, Inc. v. Halliburton Co. and Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund. Nicole will share her insights about how the Supreme Court approaches securities cases and how securities lawyers can best use the Liu decision.

We will discuss: 

• The long view: The Supreme Court’s approach to securities cases over the past decade 
• Setting the stage: SEC enforcement proceedings in district court compared to agency proceedings, and recent Supreme Court decisions about SEC enforcement proceedings
• The Liu case: The facts and the legal issues presented and the arguments made by Liu and the SEC 
• The Supreme Court’s decision: The Court’s holding, reasoning, and the limitations on future SEC enforcement actions 
• Potential implications: What the decision could mean for SEC enforcement proceedings in particular and for other agency enforcement proceedings (such as FTC proceedings)